Poll: Job relocation and the sub-prime debacle - RF Cafe Forums
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What's your situation?
No houses selling in my area - waiting for a recovery 25% [ 1 ]
Would sell at a
loss 0% [ 0 ]
Would like to at least break even 75% [ 3 ]
I rent, so this poll does not apply to me 0% [ 0 ]
I don't live in the US, so this poll does not apply to me 0% [ 0 ]
Total votes : 4
Post subject: Job relocation and the sub-prime debaclePosted: Tue Mar 04, 2008 8:18 pm
Joined: Tue Mar 04, 2008 7:43 pm
You are a qualified, experienced US based RF engineer and
stuck in a job where you're underutilized, tired of the location or just ready for a change. You would love to
relocate to another area.
Unfortunately the sub-prime mortage/credit crisis has thrown a kink in the
Post subject: Posted: Sun Mar 09, 2008 12:23 am
Joined: Sun Aug 03, 2003 2:02 pm
Location: Erie, PA
We put our house on the market a little over a week ago, mainly to test the waters in the area since our
asking price is a little on the high side. We instructed the real estate agent that we don't want people coming
through that are not pre-qualified to pay the full price, in order to weed out riff-raff. This is a very low cost
housing area, so at $142,900 for a 1,500 sq.ft. house with 2-car garage (1 yr old), we're about in the middle of
What we have experienced is quite eye-opening. We got an offer the first day. The people were
supposedly cleared by Bank of Amigo (er, Bank of America), but after a couple days, we learned they then had to
finance not only 100% of the purchase price, but $2,500 in closing costs, and then the next day another $3,400 for
some other thing that I'm not even sure what it was. We terminated the contract.
A couple other people
offered, but when we discovered they planned to finance 100%, we refused. Honestly, I'm surprised we have been
allowed to be so discriminating. This is a pathetic microcosm of exactly what is breaking the back of the
financial industry right now, and here we have the same practices continuing - people being allowed to get loans
that they cannot afford.
I understand people wanting to get buy a house rather than rent, but the banks
are still practically begging people to take their money, even if they cannot afford it. When I bought my first
house in 1983 for $55,000, I could only get it because of a VA loan, and then had to be able to put down 5% cash.
The banks checked to make sure I didn't borrow the down payment from another source that would increase my total
monthly obligation. I think at that time your mortgage + taxes + insurance could not exceed 29% of your income. Of
course, that was back when the Fed wasn't as comfortable with just cranking up the printing presses. Remeber
fractional banking when bank had to had $1 on deposit for every $9 it lent out? Ha! That went away with protecting
our borders against illegal aliens.
So as usual, the government has created a HUGE mess, and now nobody
has the political courage to fix it. We spiral into the abyss while presidential candidates promise to increase
the size of the dole. Can you tell I'm utterly sickened by it all?
RF Cafe Progenitor & Webmaster
Post subject: RePosted: Mon
Mar 10, 2008 10:08 pm
Joined: Tue Mar 04, 2008 7:43 pm
you are not alone in your frustration.
Post subject: Posted: Thu Mar 13, 2008
Joined: Tue Dec 26, 2006 5:39 pm
Another poll I cannot answer.
Why no poll answers such as "I am going to make a bundle" ?